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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 October 2020 - onwards
  Version 3 of 3    

Regulation 34 Enhanced customer due diligence: credit institutions, financial institutions and correspondent relationships

(1) A credit institution or financial institution (the "correspondent") which has or proposes to have a correspondent relationship involving the execution of payments with another such institution (the "respondent") from a third country must, in addition to the measures required by regulation 33 -

(a) gather sufficient information about the respondent to understand fully the nature of its business;

(b) determine from publicly-available information from credible sources the reputation of the respondent and the quality of the supervision to which the respondent is subject;

(c) assess the respondent’s controls to counter money laundering and terrorist financing;

(d) obtain approval from senior management before establishing a new correspondent relationship;

(e) document the responsibilities of the respondent and correspondent in the correspondent relationship; and

(f) be satisfied that, in respect of those of the respondent’s customers who have direct access to accounts with the corre

Comparing proposed amendment...